MRPL records profit of Rs 720 Crore – Chairman Sarraf

MRPL records profit of Rs 720 Crore – Chairman Sarraf

Mangaluru: ‘MRPL recorded a profit of Rs 720 Crore after provision of tax in the 1st Quarter of FY 2016-17 as against Rs 405 Crore during the corresponding previous quarter, said the Chairman of MRPL, D K Sarraf in a press meet held at the MRPL premises here on September 3.

Addressing the mediapersons Sarraf said that the Board of Directors of Mangalore Refinery and Petrochemicals Limited(MRPL), a subsidiary company of ONGC and Schedule A Mini Ratna company, approved its Un-audited (Limited Review) results for the first quarter of FY 2016-17.

The Company’s refining throughput stood at 3.66 MMT as against 3.89 MMT in the corresponding quarter of previous year. The GRM for the quarter was posted at $10.01 /bbl as against $6.62 /bbl during the corresponding quarter of previous year.

The Company has posted a Profit before Tax of Rs`1137 Crore as against Rs 509 Crore during the corresponding previous quarter.

Financial performance:

MRPL recorded profit of Rs 720 Crore after provision of tax in the 1st Quarter of FY 2016-17 as against Rs 405 Crore during the corresponding previous quarter.

The increased profit is on account of increased margins in the products coming out of the secondary units in Phase III and also from polypropylene unit.

The Company’s refining throughput during the quarter was lower compared to corresponding quarter of the previous year on account of water stoppage from Netravathi river.

Marketing:

The Company has established its strong market presence by way of direct marketing of its products Petcoke, Sulphur and polypropylene.

MRPL is in the process of setting up more retail outlets and at present MRPL has arranged for a site at NMPT premises for setting up a retail outlet and company is in the process of obtaining statutory approvals.

MRPL has also taken over the retail outlet of ONGC set up in Mangalore near the refinery unit and has now become a part of MRPL retail outlet map.